The difference between ledger balance and memo balance is essential to understand to avoid incurring unnecessary overdraft fees. Banks charge enormous penalties to customers who draw against ...

Reconciliations, performed in accounting to minimize errors, are basically comparisons of two different reports or documentation. Because the general ledger, or G/L, is made up of accounts, ...

Discover how general ledgers and general journals work together in double-entry bookkeeping to track financial data accurately and efficiently for your business.

A company’s general ledger function requires regular upkeep to streamline the number of accounts, store the most current information in readily accessible locations and contribute to a quick, ...

A control account is used in bookkeeping and accounting to efficiently consolidate balances for summary and reporting purposes. They are a core accounting tool that aids ledger integrity and financial ...